Parimutual Applications in Finance 在线电子书 图书标签:
发表于2025-01-10
Parimutual Applications in Finance 在线电子书 pdf 下载 txt下载 epub 下载 mobi 下载 2025
Financial intermediaries supply derivatives to their customers when they can hedge the exposures from these transactions. A static hedge is typically employed by arranging an offsetting transaction with a different customer or a dynamic hedge by trading in the underlying derivatives. There is however a broad range of uncertain exposures where intermediaries tend not to offer derivatives or risk management products, as they are unable to hedge the resulting exposures. Baron and Lange suggest a parimutuel auction system adapted from the betting industry as a solution to this problem. They introduce the parimutuel mechanism and the modifications required to apply the mechanism to the capital markets. The PDCA auction and its mechanics are analyzed and finally the mathematics behind the system are described and illustrated.Includes a forward by Robert J. Shiller, the Stanley B. Resor Professor of Economics, Yale University
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Parimutual Applications in Finance 在线电子书 pdf 下载 txt下载 epub 下载 mobi 下载 2025